Accountant Forums


Reply
Thread Tools

Valueing a lease donation to non profit

 
 
aristotle
Guest
Posts: n/a
Thanked:
 
      07-29-2004, 11:20 AM
I leased a building for 99 years to a non profit
organization. If I decide to donate the property to this
non profit organization how can I obtain the highest tax
deductible value for my donation. In other words how can I
obtain a certified value on the gift. Any suggested reading
material, case studies or other reliable sources of
information.

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
 
 
 
D. Stussy
Guest
Posts: n/a
Thanked:
 
      08-05-2004, 07:12 PM
aristotle wrote:

> I leased a building for 99 years to a non profit
> organization. If I decide to donate the property to this
> non profit organization how can I obtain the highest tax
> deductible value for my donation. In other words how can I
> obtain a certified value on the gift. Any suggested reading
> material, case studies or other reliable sources of
> information.


If you're donating the actual property, you're not donating
a lease.

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
 
 
 
Gary Goodman
Guest
Posts: n/a
Thanked:
 
      08-05-2004, 07:50 PM
(E-Mail Removed) says...

> I leased a building for 99 years to a non profit
> organization. If I decide to donate the property to this
> non profit organization how can I obtain the highest tax
> deductible value for my donation. In other words how can I
> obtain a certified value on the gift. Any suggested reading
> material, case studies or other reliable sources of
> information.


You will have to use an appraiser. The appraiser will have
to sign on page two of Form 8283. You can see the form and
instructions here:

Form:
http://www.irs.gov/pub/irs-fill/f8283.pdf

Instructions:
http://www.irs.gov/pub/irs-pdf/i8283.pdf

For more information about charitable contributions, see Publication 561
http://www.irs.gov/pub/irs-pdf/p561.pdf

Be careful. This is something you don't want to mess up. I
suggest that you get your tax advisor in on this early (i.e.
before you actually make the donation).

Gary

--
You can probably X figure out X which letters to X delete to
derive my email address X.

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
BRaskinCPA
Guest
Posts: n/a
Thanked:
 
      08-05-2004, 08:47 PM
> I leased a building for 99 years to a non profit
> organization. If I decide to donate the property to this
> non profit organization how can I obtain the highest tax
> deductible value for my donation. In other words how can I
> obtain a certified value on the gift. Any suggested reading
> material, case studies or other reliable sources of
> information.


It is very simple. If the organization is a 501(c)(3)
charity that can accept donations all you need to do is
obtain an appraisal of the property and make the gift. Of
course, the non-profit would want to own the property.

All of the costs associated with the gift would be
deductible by you if paid by you.

Hope that helps.
Bruce Raskin, CPA
Small Business and Individual Tax and Accounting Services

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
 
 
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Lease purchase (lease with option to buy) liveandlearn_again Individuals 1 06-05-2013 04:07 PM
Cost/Price/Profit How does RMS compute profit margin? Scott Smith Microsoft Point Of Sale 2 12-12-2005 07:15 AM
Can Church make a "profit" on property lease? Chuck W. Accounting Software 4 06-02-2005 06:51 PM
Non-profit auditing; diff 'tween for profit orgs John McDonagh Accounting 3 05-30-2004 06:54 AM
Setup an acct for car LEASE or equipment LEASE, not Loans Ned S Microsoft Money 1 09-05-2003 07:21 PM


All times are GMT. The time now is 04:28 PM.
Posts in this forum do not constitute the advice of AccountantForums.com or its members. Financial advice should always be taken from qualified advisors before committing to a financial decision.